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Management-Report-2017--Data.Pdf 18 Management Report The following management report is a combined management report as defined in Section 315 (5) of the German Commercial Code (Handelsgesetzbuch – HGB), as the future opportunities and risks of the Continental Corporation and of the parent company, Continental AG, are inextricably linked. Glossary of Financial Terms 38 Continental AG Short Version in acc. with HGB 94 Corporate Profile 40 Other Information 96 Structure of the Corporation 40 Corporate Strategy 43 Dependent Company Report 96 Corporate Management 46 Additional Disclosures and Notes Pursuant Research and Development 49 to Section 289a and Section 315a HGB 96 Sustainability 51 Remuneration of the Executive Board 97 Employees 52 Corporate Governance Declaration Pursuant Environment 56 to Section 289f HGB 98 Social Responsibility 58 Report on Risks and Opportunities 99 Economic Report 59 Risk and Opportunity Management and General Conditions 59 Internal Control System 99 Macroeconomic Development 59 Material Risks 101 Development of Key Customer Sectors 60 Financial Risks 101 Development of Raw Materials Markets 63 R isks Related to the Markets in which Earnings, Financial and Net Assets Position 65 Continental Operates 102 Earnings Position 66 R isks Related to Continental’s Financial Position 72 Business Operations 103 Net Assets Position 74 Legal and Environmental Risks 105 Automotive Group 78 Material Opportunities 107 Development of the Chassis & Safety Division 79 Statement on Overall Risk and Development of the Powertrain Division 82 Opportunities Situation 108 Development of the Interior Division 84 Rubber Group 87 Development of the Tire Division 88 Report on Expected Developments 109 Development of the ContiTech Division 91 Future General Conditions 109 Forecast of Macroeconomic Development 109 Forecast for Key Customer Sectors 110 Outlook for the Continental Corporation 111 38 Continental AG 2017 Annual Report Management Report Glossary of Financial Terms Glossary of Financial Terms The following glossary of financial terms EBITDA. Earnings before interest, tax, depreciation and amortiza- tion. In Continental’s financial reports, this abbreviation is defined as applies to the Management Report and the earnings before financial result, tax, depreciation and amortization. Consolidated Financial Statements. It equals the sum of EBIT; depreciation of property, plant and equip- ment; amortization of intangible assets; and impairment, excluding impairment on financial investments. This key figure is used to as- Adjusted EBIT. EBIT before amortization of intangible assets from sess operational profitability. purchase price allocation (PPA), changes in the scope of consolida- tion, and special effects (e.g. impairment, restructuring, and gains Finance lease. Under a finance lease, the lessor transfers the in- and losses from disposals of companies and business operations). vestment risk to the lessee. This means that the lessor bears only Since it eliminates one-off effects, it can be used to compare opera- the credit risk and any agreed services. The lessee is the beneficial tional profitability between periods. owner of the leased asset. Finance leases are characterized by a fixed basic term during which the lease may not be terminated by Adjusted sales. Sales adjusted for changes in the scope of consoli- the lessee. dation. Financial result. The financial result is defined as the sum of inter- American depositary receipts (ADRs). ADRs securitize the own- est income, interest expense, the effects from currency translation ership of shares and can refer to one, several, or even a portion of (resulting from financial transactions), the effects from changes in a share. ADRs are traded on U.S. stock exchanges in the place of the fair value of derivative instruments, and other valuation effects. foreign shares or shares that may not be listed on U.S. stock ex- The financial result is the result of financial activities. changes. Free cash flow. The sum of cash flow arising from operating activi- Capital employed. The funds used by the company to generate its ties and cash flow arising from investing activities. Also referred to sales. as cash flow before financing activities. Free cash flow is used to as- sess financial performance. Changes in the scope of consolidation. Changes in the scope of consolidation include additions and disposals as part of share and Free cash flow before acquisitions. The sum of cash flow arising asset deals. Adjustments were made for additions in the reporting from operating activities and cash flow arising from investing activi- year and for disposals in the comparative period of the prior year. ties before acquisitions of companies and business operations. Free cash flow before acquisitions is used to assess financial perfor- Continental Value Contribution (CVC). The absolute amount of mance. additional value created. The delta CVC represents the change in absolute value creation compared to the prior year. Delta CVC al- Gearing ratio. Net indebtedness divided by equity. Also known as lows us to monitor the extent to which management units generate the debt to equity ratio. This key figure is used to assess the financ- value-creating growth or employ resources more efficiently. ing structure. The CVC is measured by subtracting the weighted average cost of Gross domestic product (GDP). A measure of the economic per- capital (WACC) from the return on capital employed (ROCE) and formance of a national economy. It specifies the value of all goods multiplying this by the average operating assets for the fiscal year. and services produced within a country in a year. The WACC calculated for the Continental Corporation corresponds to the required minimum return. The cost of capital is calculated as Hedging. Securing a transaction against risks, such as fluctuations the weighted average ratio of the cost of equity and borrowing in exchange rates, by entering into an offsetting hedge transaction, costs. typically in the form of a forward contract. Currency swap. Swap of principal payable or receivable in one IAS. International Accounting Standards. Accounting standards de- currency into similar terms in another currency. Often used when veloped and resolved by the IASB. issuing loans denominated in a currency other than the functional currency of the lender. IASB. International Accounting Standards Board. Independent standardization committee. Derivative instruments. Transactions used to manage interest rate and/or currency risks. IFRIC. International Financial Reporting Interpretations Committee (predecessor of the IFRS IC). Dividend payout ratio. The ratio between the dividend for the fiscal year and the earnings per share. IFRS. International Financial Reporting Standards. The standards are developed and resolved by the IASB. In a broad sense, they also EBIT. Earnings before interest and tax. In Continental’s financial re- include the IAS, the interpretations of the IFRS IC or of the prede- ports, this abbreviation is defined as earnings before financial result cessor IFRIC as well as the former SIC. and tax. It is the result of ordinary business activities and is used to assess operational profitability. Continental AG 2017 Annual Report Management Report Glossary of Financial Terms 39 IFRS IC. International Financial Reporting Standards Interpretations Rating. Standardized indicator for the international finance mar- Committee. kets that assesses and classifies the creditworthiness of a debtor. The classification is the result of an economic analysis of the Interest-rate swap. The exchange of interest payments between debtor by specialist rating companies. two parties. For example, this allows variable interest rates to be exchanged for fixed interest or vice versa. Research and development expenses (net). Research and devel- opment expenses (net) are defined as expenses for research and Net indebtedness. The net amount of interest-bearing financial lia- development less reimbursements and subsidies that we received bilities as recognized in the balance sheet, the positive fair values of in this context. the derivative instruments, cash and cash equivalents, as well as other interest-bearing investments. This figure is the basis for calcu- Return on capital employed (ROCE). The ratio of EBIT to average lating key figures of the capital structure. operating assets for the fiscal year. ROCE corresponds to the rate of return on the capital employed and is used to assess the company’s Operating assets. The assets less liabilities as reported in the bal- profitability and efficiency. ance sheet, without recognizing the net indebtedness, sale of trade accounts receivable, deferred tax assets, income tax receivables SIC. Standing Interpretations Committee (predecessor to the and payables, as well as other financial assets and debts. Average IFRIC). operating assets are calculated as at the end of the quarterly peri- ods and, according to our definition, correspond to the capital em- Tax rate. The ratio of income tax expense to the earnings before ployed. tax. It can be used to estimate the company’s tax burden. Operating lease. A form of lease that is largely similar to rental. Weighted average cost of capital (WACC). The weighted average Leased assets are recognized in the lessor’s balance sheet and cost of the required return on equity and net interest-bearing liabili- capitalized. ties. PPA. Purchase price allocation. The process of breaking down the Working capital. Inventories plus trade accounts receivable less purchase
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